Bitcoin is a peer-peer electronic cash system. It is arguably the most secure of all cryptocurrencies, developed on the blockchain system, therefore it is decentralised, fixed and open.
One major advantage of bitcoin is the ability to ease payment.
“Imagine how incredible this is.”
“On second thought, what’s going through your mind?”
“Could it be how you can spend the digital currency?”
First, you need to know that transactions can be done with bitcoin without it being converted. Some businesses, E-commerce stores, etc, accept crypto as a payment method.
BUT!
If you want to convert it to FIAT money (money that the Government of a country declares as legal tender, e.g. Naira, Dollar), it’s very much possible. In fact, you can make more profit if you sell your bitcoin.
This happens because the exchange rate is determined by the demand of digital currency. The exchange rate of converting bitcoin to a dollar is not fixed by financial institutions or governmental bodies, contrarily, It is influenced by the number of people that want to buy and what they are willing to offer.
In the last 24 hours, 1 BTC → 41,081.00 USD / 1 BTC → 17,057,645.17 NGN.
Converting Bitcoin to Cash
There are two main options to convert BTC into cash for you to save up in your bank;
cryptocurrency broker or peer-peer transaction.
Crypto broker is the easiest method if you want to sell bitcoin and transfer the cash to your bank account, it includes BTC ATMs and debit cards.
BTC ATM is a walk-in centre that allows you to buy or sell cryptocurrencies with fiat money. It's just like the usual bank atm but focuses on digital currency. A website to find any BTC atm around you is coin atm radar
BTC debit card does the same function as a regular debit card; systemised by VISA or Mastercard and can purchase things online, acceptable by BTC ATMs to withdraw cash.
The peer-peer transaction is an anonymous method that is faster, you can use any peer-peer software application or website that allows you to sell or buy directly from others.
A Practical Demonstration
Sade wants to sell 1 Btc so that she can get the equivalent into her bank account.
She doesn’t have a BTC debit card yet so an exchange broker isn't an option.
Sade login to her preferred crypto exchange platform (a website or application that allows peer-to-peer transactions), and follows the required instruction to sell. she also turns on her notification to find a buyer
She finds Emeka who agrees to buy based on how much Sade is selling
Sade put her 1 BTC into the escrow (insuring the coin) until Emeka sends his proof of payment.
Sade receives payment, releases the coin and sends it to Emeka
ALERT: TRANSACTION DONE!
This process is applicable to other digital currencies